Author Question: Your personal balance sheet provides A) an estimate of your net worth at a point in time. ... (Read 35 times)

elizabeth18 · **on:** Jul 11, 2018

Your personal balance sheet provides

A)

an estimate of your net worth at a point in time.
B)

an illustration of how your wealth has changed over time.
C)

a summary estimate of your expenses and income over the previous year.
D)

a pro forma budget for the coming year.

Question 2

A personal income statement shows

A)

a detailed breakdown of cash income and expenses over a past period of time.
B)

a comparison of income and expenses at a point in time.
C)

your contribution to savings for the year by following strict accounting rules for determining net income.
D)

all revenue, expense, asset, liability, and net worth items.